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Wednesday, July 20, 2011

The Dow lost 15 points on light volume today. The advance/declines were positive. It was a lackluster session following yesterdays huge advance. We will see if it was simply a pause before higher prices or not in the next couple of days. The summation index is trending lower but that could change with another good up day. GE was up 1/4 on light volume, moving above the 200 day moving average line. Earnings for GE are due Friday. That should be a market mover. I have no trades in mind here. Gold lost $4 on the futures and gained as much in the aftermarket. The XAU was up 1 1/4. The US dollar fell today but it really didn't do much for gold. ABX, GG and NEM were all up fractionally on light to average volume. Earnings due next week. If we get weakness soon, I'd like to try the August gold share calls. We'll see. Mentally I'm doing OK but not as focused as I need to be at the moment. That has to change before any type of trade is established. I'm still leaning towards the OEX August puts when we get overbought. We're not there yet.

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